Global mining-tech company, Imdex (ASX:IMD) is exercising its option to acquire Flexidrill and its patent protected drilling productivity technologies, Corevibe and Maghammer.
The transaction is expected to be completed in January 2020 for NZ$3 million cash.
Commenting on the proposed acquisition, Imdex Managing Director, Mr Bernie Ridgeway said the company is confident new technology will be a step-change for the minerals drilling industry globally and deliver significant earnings for Imdex.
Flexidrill is a leading New Zealand based developer of vibration and magnetic field assisted drilling technologies.
Shares in Imdex (ASX:IMD) closed 1.23 per cent higher at $1.645 yesterday.